Iris Energy (NASDAQ:IREN) Shares Down 5.2% – Time to Sell?

Iris Energy Limited (NASDAQ:IREN)’s stock price fell 5.2% on Wednesday . The company traded as low as $11.17 and last traded at $11.76. 10,423,722 shares traded hands during trading, a decline of 21% from the average session volume of 13,165,736 shares. The stock had previously closed at $12.40.

Wall Street Analyst Weigh In

IREN has been the topic of a number of recent analyst reports. B. Riley dropped their price target on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. cut their target price on Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. Macquarie boosted their price target on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, Needham & Company LLC began coverage on shares of Iris Energy in a research report on Wednesday, September 4th. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $15.44.

Iris Energy Trading Down 5.1 %

The firm has a fifty day simple moving average of $8.87 and a two-hundred day simple moving average of $9.10.

Institutional Trading of Iris Energy

Several institutional investors and hedge funds have recently made changes to their positions in IREN. AFG Fiduciary Services Limited Partnership purchased a new stake in Iris Energy during the third quarter valued at about $77,000. Covestor Ltd purchased a new position in shares of Iris Energy during the 3rd quarter valued at about $87,000. Sippican Capital Advisors bought a new stake in Iris Energy in the 3rd quarter worth approximately $94,000. Bluefin Capital Management LLC bought a new position in Iris Energy during the second quarter valued at approximately $113,000. Finally, PEAK6 Investments LLC bought a new stake in shares of Iris Energy in the 1st quarter worth approximately $133,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

Iris Energy Company Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.